Entrepreneurship
Name two advantages of starting your own business.
Independence, creativity, financial potential, ect...
The prices of promoting and selling products/services
Revenue minus the cost of goods sold.
What is the contribution margin? What is gross profit?
To identify strengths, weaknesses, opportunities, and threats
What is a SWOT analysis?
Name one purpose of effective writing in a business memo.
To clearly and professionally convey ideas.
Name one reason why businesses fail.
Poor planning, lack of capital, or inadequate market research
To evaluate customer response before a full launch is known as this.
Long term assets like building, equipment or land.
Fixed assets.
A brief description of a company's purpose and values
What is a mission statement?
A mindset focused on optimism and success.
What is PMA? (Positive mental attitude.)
When creating this for your business, it should be memorable, relevant, and legally available.
What is a business' name?
The decision-making process and actions of consumers.
What is Buying behavior?
A company's assets, liability and equity in one document.
What is a balance sheet?
A future-oriented declaration of a company’s goals
What is a vision statement?
A list of topics to be discussed during a meeting.
A business owned and operated by one person that shared the liability.
What is a sole proprietorship?
Promotion thorough satisfied customers sharing their experience with other potential customers.
What is word-of-mouth advertising?
Profit from an investment compared to its cost.
What is ROI? (Return on Investment.)
To outline goals, strategies, and financial forecasts. Text based and between 20-100 pages.
What is the purpose of a business plan?
Name at least 3 positions within the C-suite.
CEO, CFO, COO, Ect.
Leads the company, makes strategic decisions, and manages operations.
Who is the CEO?
Dividing a market into subgroups based on traits (like age or interests) to better target customers
What is market segmentation, and why is it important?
Current assets minute current liabilities.
What is Working capital?
Examples: penetration pricing, skimming, value-based pricing
What are pricing strategies?
A document to share company performance and financial information with stakeholders.
What is an annual report?